American politics

Yikes & ouch

This isn't especially surprising, but it is worth mentioning. Over 600,000 jobs lost last month, bringing us to 8.1% unemployment. In terms of employment this is now a worse recession than 1981-82, and many economists expect the jobless rate to rise to around 10% before things get better. The view is not nearly so bad in Texas, Austin especially, but worsening. How are you all holding up? Use the comments to commiserate. Relatedly: I don't feel sorry for this guy.

Readers' comments

My favorite jobless stories are the sob pieces that were posted up on CNN Money about former "Sub-prime executives" (read: Ran a small brokerage firm) that now can't find work. These are the same brokers that caused many of the large banks to cut off their wholesale lending lines because even as early as 02/07 they were seeing 50% default rates or higher. And drove around with license plates like "7POINTS."

As for my department...we were brought in a year ago to clear a regulatory C&D and busted you know what to get there. Cleared it, there was celebration, then the whole firm went under anyway and we're all axed. At the end of the month unfortunately I will have additional time on my hands, which no doubt I will use to further deteriorate the quality of comments on these blogs. Which is quite a statement considering the low bar I have already set.

I live in southeast michigan near detroit and I did get my license to carry a firearm because it is getting bad here I am not going to carry a Kalashnikov like ivan though just a glock however it might not be enough...

I'm very sorry to hear that, OneAegis - I don't mean the fact you'll post more, evidently. It irks me to no end that hard-working people get screwed over because some irresponsible psychopaths (and a lot of short-sighted home owners) sunk the economy.

Here's hoping the best for you and everyone else who's directly affected by this.

As for myself, I never had a job where I earned more than 11€/hour, and I luckily don't have to worry to lose the one I have for at least this year.

Indeed, speaking as a Texan we are relatively well off. As a (temporary) resident of an expanding suburb, I'd actually guess that my small area is maintaining positive growth for now.

For right now there are no significant hiccups with my job, which is playing poker, but I think that there are increases in the number of talented players compared to casual players now. This is very bad for business, but I'll be fine.

I live in the suburban/industrial areas of southeast Michigan, near Detroit. I'm waiting for the day when I'll need a Kalashnikov strapped to my shoulder everywhere I go, like in Afpakistan and parts of Africa. Things are getting really bad here.

I work in Texas for a chemical company. Our industry, and many others here were hit especially hard beginning early last year. That didn't stop the party. Houston, buoyed by energy, has only now started to see signs of decline.

I know ExxonMobil is headquartered in Houston arch- enemy territory, but Rex Tillerson said (to NEIL CAVUTO, if you don't get FBN, DEMAND IT) small, little, (R&D) energy start-ups (like his own sole-proprietorship) would like to git one of them green jobs!